T. Rowe Price Group (NASDAQ:TROW) Cut to Hold at Zacks Research

Key Points

• T. Rowe Price Group has been downgraded from a "strong-buy" rating to a "hold" rating by Zacks Research, reflecting a shift in analyst sentiment.
• Analysts have varied views on the stock, with one rating it as a "Buy," eight as "Hold," and four as "Sell," while the average price target is set at $101.55.
• Despite the downgrade, T. Rowe Price Group reported better-than-expected earnings per share of $2.24 for the last quarter, beating analysts' forecasts.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued to clients and investors on Monday,Zacks.com reports.

A number of other equities analysts have also weighed in on TROW. Keefe, Bruyette & Woods boosted their target price on T. Rowe Price Group from $110.00 to $112.00 and gave the stock a "market perform" rating in a research report on Monday, August 4th. Wells Fargo & Company boosted their target price on T. Rowe Price Group from $98.00 to $108.00 and gave the stock an "equal weight" rating in a research report on Friday, July 11th. Evercore ISI reissued a "positive" rating on shares of T. Rowe Price Group in a research report on Friday. JPMorgan Chase & Co. boosted their target price on T. Rowe Price Group from $98.00 to $102.00 and gave the stock an "underweight" rating in a research report on Monday, August 4th. Finally, Barclays reaffirmed an "underweight" rating and set a $95.00 price target (up previously from $91.00) on shares of T. Rowe Price Group in a research report on Monday, August 4th. One analyst has rated the stock with a Buy rating, eight have given a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Reduce" and an average price target of $101.55.

T. Rowe Price Group Trading Down 0.9%

Shares of TROW stock opened at $107.24 on Monday. T. Rowe Price Group has a 12 month low of $77.85 and a 12 month high of $125.81. The stock has a market cap of $23.56 billion, a PE ratio of 11.98, a price-to-earnings-growth ratio of 2.82 and a beta of 1.51. The company's fifty day moving average price is $105.34 and its 200-day moving average price is $97.48.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last announced its earnings results on Friday, August 1st. The asset manager reported $2.24 EPS for the quarter, beating analysts' consensus estimates of $2.15 by $0.09. The firm had revenue of $1.72 billion for the quarter, compared to analysts' expectations of $1.72 billion. T. Rowe Price Group had a net margin of 28.72% and a return on equity of 19.77%. The company's quarterly revenue was down .6% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.26 EPS. On average, sell-side analysts forecast that T. Rowe Price Group will post 9.29 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Osaic Holdings Inc. boosted its stake in T. Rowe Price Group by 41.1% in the 2nd quarter. Osaic Holdings Inc. now owns 123,916 shares of the asset manager's stock worth $11,828,000 after purchasing an additional 36,108 shares during the period. Orion Porfolio Solutions LLC boosted its position in shares of T. Rowe Price Group by 19.3% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 17,225 shares of the asset manager's stock valued at $1,662,000 after acquiring an additional 2,782 shares during the last quarter. Provident Investment Management Inc. boosted its position in shares of T. Rowe Price Group by 17.9% during the 2nd quarter. Provident Investment Management Inc. now owns 8,447 shares of the asset manager's stock valued at $815,000 after acquiring an additional 1,280 shares during the last quarter. Thompson Davis & CO. Inc. bought a new position in shares of T. Rowe Price Group during the 2nd quarter valued at approximately $1,825,000. Finally, Saratoga Research & Investment Management boosted its position in shares of T. Rowe Price Group by 15.4% during the 2nd quarter. Saratoga Research & Investment Management now owns 2,986 shares of the asset manager's stock valued at $288,000 after acquiring an additional 398 shares during the last quarter. 73.39% of the stock is currently owned by institutional investors.

T. Rowe Price Group Company Profile

T. Rowe Price Group, Inc is a publicly owned investment manager. The firm provides its services to individuals, institutional investors, retirement plans, financial intermediaries, and institutions. It launches and manages equity and fixed income mutual funds. The firm invests in the public equity and fixed income markets across the globe.

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